As for NetSuite's Q1, the San Mateo-Calif.-based company posted a first quarter net loss of $22.7 million, or 29 cents a share, on revenue of $164.8 million. In spite of the net loss, that's a 34 percent increase year-over-year on revenue.

Non-GAAP earnings for the first quarter were 11 cents per share.

Wall Street was expecting non-GAAP first quarter earnings of 5 cents a share on revenue of $161.5 million.

In prepared remarks, NetSuite CEO Zach Nelson touted the company's 30 percent annual growth in recurring revenue, which he expects to climb even higher as businesses start phasing out more legacy systems.

"We are just at the beginning of a multi-year business system replacement cycle, as companies move from legacy, pre-Internet applications to NetSuite's solution designed to run companies in a modern cloud-centric world," Nelson said.

NetSuite ended the quarter with $386.8 million in cash and equivalents.

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